If saving money is at the top of your list of resolutions this year, why not give this money-saving challenge a shot.
Committing and following through with resolutions, in general, isn't easy for many but this clever challenge is simple yet effective and an achievable money-saving method. We're all giving it a go this January!
What is the 1c money saving challenge?
The idea behind the savings challenge is that you will be saving your loose change rather than depositing or breaking notes that you may not have because let's face it, a lot of us struggle to save for a rainy day never mind an occasion twelve months in advance.
The 1c challenge involves saving a small amount of money every single day over the course of a year, helping to ease the financial strains over Christmas.
And of course, if you'd rather not have cash around your house you could always set up a savings account online with your chosen bank and deposit it that way daily, weekly or even monthly.
As we are a few days into the new year you may have a few days to catch up but thankfully, it won't cost you much to stay on track.
This money-saving challenge will help you save over €600 in one year meaning Christmas will be a whole lot easier next year or it could go off a holiday, wedding or any occasion of your choice.
That's why we love this money-saving challenge, it's so versatile and can be started any day of the week.
How does the 1c challenge work?
To start off your 365-day money saving challenge, you will be saving 1c on the first day, 2c on the second, 3c on the third and so forth.
Day 1: Put in €0.01
Day 2: Put in €0.02
Day 3: Put in €0.03
Day 4: Put in €0.04
Day 5: Put in €0.05
With each day that passes you will be increasing the amount you will be placing into your tin, jar or online savings account by 1c. On day 200 you will be putting in €2 and on day 321 you will be putting in €3.21. The latter may seem like a vast amount to be saving daily but in reality, if you've been saving consistently for the months leading up you won’t mind it as much, especially knowing how much you will end up with when the challenge is complete.
As 2020 is a leap year, you will be putting €3.66 into the jar on the final day which will leave you with a total saving of €668.96 for the year.
Sounds awesome, right?
Some money-savvy savers who have taken part in the challenge have even adopted the method slightly having found November and December to be expensive months. Instead of starting the challenge on 1c, 2c and so on, they started backwards at €3.65.